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The Main Types Of Market Research

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Introduction

For this first assignment I will provide a manual that shows the main types of market research. Market research is the method of gathering and analyse information about customers, competitors and the market. Market research is used when companies want to focus on things like market trends, customer habits and lifestyle, what price customers will pay for a product and what competition exists. This type of research assists companies build an idea on how competitive the market is also business owners can price their products efficiently with the understanding of the current market research.

Primary research

This involves the collection of new information for a specific purpose. The following are 3 examples of various methods …show more content…

Eg: changing the price of a product and seeing what happens. The advantages of using experiments is that you can create real-world, concrete and verifiable findings that can be repeated. This is the most believable way for a general populous to accept a finding of a research team. There are also disadvantages like high costs of performing experiments and it can also be dangerous. In addition, experimentation can involve a long period of time waiting for something to happen; oftentimes, multiple trials are needed to confirm findings.

3. Surveys, surveys are one of the most frequently used methods of market research. It typically involves the use of a questionnaire (enquette). There are several ways of conducting a survey, I chose for face-to-face. This is the best form of contact. It allows two-way communication between researcher and respondent. Eg: A questionnaire asks people in the streets a few question/opinion. The advantages of using surveys is that it is flexible, gestures, facial and other expressions may be noted. The disadvantage of face-to-face is that it may become distorted as a result of the interpersonal relationships between interviewer and interviewee

Secondary research

Secondary research involves using existing information rather than finding out new information. The two main sources of secondary research are: 2 types: internal (Information that

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